The present invention generally concerns a virtual system and automated method for administering, evaluating, and processing federal student financial aid for post-secondary students. More particularly, the present subject matter pertains to an interactive network directed to students, educational institutions, and financial aid administrators and providers. Participants in such a network preferably have access to a web-based system that provides a plurality of financial services and features embodied within a virtual financial aid office (VFAO). Particular methodology is preferably employed in conjunction with the web-based system to manage and administer a comprehensive student financial aid process in an automated and integrated fashion.
The plight of a typical student seeking financial aid involves many complicated steps, interaction with a variety of different entities, and the provision and assessment of vast amounts of information. There are several things that need to be done when a student first decides that he or she wishes or needs to obtain funding for the expenses related to a higher education. A student must typically first be enrolled or planning to enroll in an approved post-secondary educational institution. Such an institution may correspond to a technical school, college, university, or other institution approved for providing higher education funding under Title IV of the Higher Education Act (HEA). The process is so complicated and non-intuitive that most such institutions provide some level of personnel dedicated to assisting students with the process of funding the cost of tuition and other education-related expenses. A student or his or her parents or guardians must then typically provide information to an institution's financial aid personnel. This information must then be analyzed, often manually, by the financial aid office or other established entities (such as various government agencies) to determine aid eligibility and corresponding monetary amounts. Only then, after some finite period of time, can a student typically know if or how much funding he or she might receive. This may raise potential concerns for a prospective student, since time may be of the essence as he or she attempts to balance the demands of everyday living with life-impacting decisions.
The different entities involved in such a financial aid process are often numerous and typically include students, educational institutions, government agencies, financial lenders, etc. The interaction among these groups typically involves a lot of paperwork, manually transferred correspondence, and other factors that combine to create a lengthy and involved process and flow of information. It is thus desirable to reduce time and complications inherent to this interactive process.
While various aspects and alternative features are known in fields related to financial matters and interactive systems for handling such matters, no one design has emerged that generally incorporates typical student financial aid methodology in an automated and integrated system, which serves both the student and the educational institution.
Known technology that relates to interactive systems for handling particular education-related aspects is available. U.S. Pat. No. 5,809,484 relates to a method and apparatus for funding education by acquiring shares of students future earnings. A telephone registration system for schools is disclosed in U.S. Pat. No. 6,016,335.
Several other examples of interactive systems dedicated to a variety of financial matters are provided by other patents. U.S. Pat. No. 5,904,812 discloses an apparatus and method for automatically matching a best available loan to a potential borrower. U.S. Pat. No. 5,797,133 provides a description of a method for automatically determining the approval status of a potential borrower and U.S. Pat. No. 5,995,947 discloses an interactive mortgage and loan information and trading system.
A known web-based system that purports to provide interactive student aid services is available on-line from Nelnet at www.enconcert.com.
Additional exemplary background references in the area of financial matters and methods or systems therefor include U.S. Pat. Nos. 5,966,699; 5,699,527; 5,001,769; 6,131,810; 6,029,153; 5,940,813; 5,866,889; 5,262,941; 5,239,462; 5,903,879; and 6,233,566 B1.
The disclosure of all the foregoing United States patents and other known technology are hereby fully incorporated into this application by reference thereto.